SINGAPORE, April 18 (Reuters) - China's Fuhaichuang, formerly known as Dragon Aromatics, has bought two cargoes of condensate to be delivered in June as it prepares to restart its petrochemical complex in the eastern province of Fujian, three trade sources said on Wednesday.
The company bought 650,000 barrels of Australian Pluto condensate from an oil major and about 600,000 barrels of Equatorial Guinea's Alba condensate from Glencore (LON:GLEN), they said.
Fuhaichuang and Glencore both declined to comment.
Fuhaichuang is waiting for government approval before it restarts its plants in Zhangzhou, on the east coast of China, which include a 90,000-barrels-per-day (bpd) condensate splitter, a 3.2-million-tonnes-per-year (tpy) hydrocracker and two 800,000-tpy paraxylene plants. rise in low-sulphur condensate demand from China coincides with a slowdown in consumption at Indonesia as Pertamina has reduced operating rates at its plant. process condensate, an ultra-light oil produced from natural gas fields, at splitters to produce mainly naphtha, a precursor to petrochemicals.